The Sydney home auction market bounced back with a vengeance on Saturday recording its highest clearance rate since early September.
The weekend result of 72.5 per cent was well ahead of the extraordinarily low 43.3 per cent recorded the previous weekend but still well below the 82.5 per cent recorded over the same weekend last year.
Although Saturday’s result was clearly a positive for sellers, early season auction activity can be volatile, reflecting relatively low volumes and an uneven mix of property types, regions and price ranges.
On Saturday, 215 auctions were listed in Sydney, which was significantly higher than the 46 auctioned the previous weekend. Saturday’s auction numbers were however again markedly lower than the 303 listed over the same weekend last year indicating some continued early season caution by sellers.
Relatively low auction numbers at the weekend may have contributed to a sturdy clearance rate with buyers competing for a small pool of properties – particularly in inner suburban areas.
Continuing last year’s spring selling season trend, higher-priced, inner suburban regions clearly recorded the highest clearance rates at the weekend.
The northern beaches reported the top rate at 87.5 per cent followed by the lower north 85.7 per cent, the city and east 81.8 per cent, the south 81.3 per cent, the upper north shore 81 per cent, Canterbury Bankstown 75 per cent, the inner west 71.4 per cent with the highest sales at 25, the south west 66.7 per cent, the west 64.3 per cent, the north west 62.5 per cent and the central coast with a clearance rate of 42.1 per cent.
The most expensive property reported sold at auction at the weekend was a four-bedroom home at 134 Lagoon Street, Narrabeen, sold for $2.65 million by Domain Residential.
The most affordable property reported sold at the weekend was a one-bedroom unit at 118/89-95 The Entrance Road, The Entrance, sold for $70,500 by First National The Entrance.
Sydney auction results
Sydney recorded a median auction price of $991,000 on Saturday which, given the significantly higher numbers of inner suburban auction sales reported, was predictably higher than the previous weekend’s $862,500.
Saturday’s median also remained 14.5 per cent higher than the $865,380 recorded over the same weekend last year.
Saturday’s result will encourage sellers that the Sydney housing market remains resilient despite the lower activity levels and sharp price falls recorded over the December quarter.
Stern tests, however, remain until the Easter pause in just six weeks’ time.
Next weekend auction numbers will surge again as the early-year selling season gathers pace.
About 350 auctions will be conducted which, although well ahead of last Saturday’s offering, will again be significantly lower than the 453 auctions listed over the same weekend last year as sellers continue to sit on the sidelines.
For a full list of the Sydney auction results click here.